California wildfire claims losses reach $1bn

The preliminary data on claims from the Californian wildfires reaches $1.05 billion in losses from commercial and residential structures, personal and commercial vehicles, and agricultural equipment, the California Department of Insurance said in an Oct. 19 press release.

With more than 7,000 structures damaged or destroyed, residents in several counties across northern and southern California are leaving evacuation centres to access what they've lost and begin the long road to rebuild and recover.

"These numbers are just the beginning of the story as one of the deadliest and costliest wildfire catastrophes in California's history," said Insurance Commissioner Dave Jones. "The tragic death of 42 people and over a billion in property losses are numbers—behind these numbers are thousands of people who've been traumatized by unfathomable loss. We must do all we can to ease their pain and help them recover and rebuild."

In total, insured losses from the Californian wildfires are expected to reach close to $4.6 billion, Moody’s said in an Oct. 16 sector comment.

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